Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have interrogated a banker, Masa Olumense, and a Bureau de Change operator, Abdulkadir Muhammed Usman, over alleged money laundering involving cash transactions totalling $2.598 million.
The suspects are being investigated for allegedly making and receiving cash payments above the statutory threshold for individuals, in violation of Nigeria’s anti-money laundering regulations.
According to the EFCC, the duo allegedly handled cash transactions amounting to $2,598,900 (about N3.64 billion) without routing the funds through a financial institution, contrary to Section 2(1) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The Commission said the transactions fall within prohibited cash payment limits and are considered suspicious under existing financial regulations.
Investigators are also reportedly tracking other individuals connected to the alleged scheme who are currently at large.
The EFCC stated that further actions will follow as investigations continue into the source and movement of the funds.
